(Bloomberg) -- DNB Bank ASA will acquire all the shares of Swedish financial services group Carnegie Holding AB for about 12 billion kronor ($1.1 billion) in cash.

The Oslo-based bank has entered into an agreement with Carnegie’s main shareholder, Harald Mix’s Altor Equity Partners, as well as the minority shareholders, according to a statement on Monday. 

“Carnegie is a perfect fit, in-line with our strategy, and the transaction marks a step change in increasing the share of fee related income for DNB as a whole,” Chief Executive Officer Kjerstin Braathen said in the statement.

Carnegie Holding is the parent company of the Carnegie Group, comprising a Nordic investment bank and asset manager with 850 employees. The group revenue is split 56% from investment services and 44% from wealth management. 

Carnegie was acquired by Altor in 2009 with the strategic objective to build the leading investment bank and asset manager in the Nordic region. The Swedish bank had long been considered a candidate for an initial public offering. In June, Altor partner Mix said that the group was a good fit for the stock exchange but declined to give a timeline.

DNB Markets will be globally renamed DNB Carnegie. The transaction is expected to close in the first half of next year, and closing conditions include regulatory approvals.

--With assistance from Stephen Treloar and Christian Wienberg.

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